NGX appreciates marginally by 0.03%
By Kayode Tokede
The Nigerian equities market yesterday closed transactions on a positive note, as All-Share Index grew by 0.03 per cent, thereby stretching the positive sentiment to four consecutive trading periods.
The positive out-turn was due to bargain hunters buying interest in both the Industrial and Banking sectors, as market watchers continue to assess the published first half (H1) performance of some of the companies and await the release of others.
In summary, the All-Share Index (ASI) grew by 9.84 absolute points, representing an increase of 0.03 per cent, to close at 38,927.83 points. Similarly, the overall market capitalisation value grew by N5 billion to close at N20.282 trillion.
The market positive performance was driven by price appreciation in large and medium capitalised stocks amongst which are; Presco, Cutix, Access Bank, Vitafoam Nigeria and Lafarge Africa.
Analysts at Afrinvest Limited said that “In the next trading session, we expect a positive performance in the market, as investors continue to engage in bargain hunting activities.”
However, the market breadth closed negatively, recording 19 losers as against 16 gainers. Cutix recorded the highest price gain of 10 per cent to close at N5.50, per share. Veritas Kapital Assurance followed with a gain 8.70 per cent to close at 25 kobo, while Tripple Gee & Company went up by 7.78 per cent to close at 97 kobo, per share.
Presco rose by 3.71 per cent to close at N72.60, while Nigerian Aviation Handling Company (NAHCO) gained 2.44 per cent to close at N2.52, per share. On the other hand, Sovereign Trust Insurance led the losers’ chart by 7.14 per cent to close at 26 kobo, per share. Regency Alliance Assurance followed with a decline of 6.67 per cent to close at 42 kobo, while Unity Bank lost five per cent to close at 57 kobo, per share.
Jaiz Bank lost 4.84 per cent to close at 59 kobo, while Caverton Offshore Support Group shed 4.26 per cent to close at N1.80, per share.
The total volume of trades declined by 10.9 per cent to 206.292 billion units, valued at N1.070 billion, and exchanged in 3,435 deals. Transactions in the shares of Sterling Bank topped the activity chart with 51.826 million shares valued at N78.772 million. Transnational Corporation of Nigeria (Transcorp) followed with 19.248 million shares worth N18.165 million, while United Bank for Africa (UBA) traded 17.242 million shares valued at N129.782 million.
Wema Bank traded 11.239 million shares valued at N10.008 million, while AIICO Insurance transacted 9.478 million shares worth N8.879 million.
